Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 P1.Examine different types of entrepreneurial ventures andexplain how they relate to the typology of entrepreneurship......................................................................................................3 P2.Explore the similarities and differences between entrepreneurial ventures...........................4 M1 Investigate a diverse range of entrepreneurial venture to demonstrate an understanding of entrepreneurship in both the public and corporate sector..........................................................5 TASK 2............................................................................................................................................5 P3. Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy............................................................................................5 P4 Explain importance of small business and business start-ups to the growth of social economy......................................................................................................................................6 M2 Evaluate the differences small, medium and large businesses make to the economy applying relevant data and statistics...........................................................................................6 TASK 3............................................................................................................................................8 P5 Determine the characteristics traits and skills of successful entrepreneur that differentiate them from other business managers...........................................................................................8 P6 Aspects of entrepreneurial reflect entrepreneurial motivation and mindset........................10 M3 Explore and examine different lines of argument relating to entrepreneurial characteristics ...................................................................................................................................................12 TASK 4..........................................................................................................................................12 P7 examine using relevant examples, how background and experience can hinder or foster entrepreneurship........................................................................................................................12 M4 Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs............................................12 CONCLUSION..............................................................................................................................13 REFRENCES.................................................................................................................................14
INTRODUCTION Entrepreneurship is defined as the procedure for developing and implementing a new business idea in market. An entrepreneur is defined as an individual who generates an idea and work upon it to implement it in actual market. The main aim of every entrepreneur is to analyse new trends and lifestyle of people and make products and services which are needed by customers. This will help in capturing market share easily and making profits within less time. The different topics covered in this project are different types of entrepreneurial ventures, typology of entrepreneurship and how small business ventures helps in increasing economic growth of the country. TASK 1 P1.Examine different types of entrepreneurial ventures andexplain how they relate to the typology of entrepreneurship. The different type of classification of entrepreneurship are described below- Based on the type of Business.- There are basically three types of entrepreneurship according to this type of business and these are traders, manufacturers and agricultures.Trades are those who are involved in producing and manufacturing of products. Manufacturers are those who identify the needs and demands of customers and make products according to that. The agricultural activities is the third type of business that includes growing, trading of agricultural products, irrigation, mechanization and agricultural technologies. Based on the use of technology-Technicalentrepreneurs are entrepreneurs who use science and technology in their business.Non-technicalentrepreneurs. The priorities of them enterprises are not science and technologies. Based on ownership.-Privateentrepreneur is one who as an individual person establishes a business, is the sole owner of the company and assumes all the risks associated with it. State entrepreneur is When a commercial or industrial enterprise is run by public or government.Joint ventureentrepreneurs are when a private entrepreneur and government co-managing a business. Based on gender. Menentrepreneurswhenbusinessisowned,managedandcontrolbymen.Andfemale entrepreneurs are when enterprise is owned and controlled at least of 51% of capital by woman. Based on size of enterprise.
Small-scale entrepreneur who has invested in to business up to Rs 1.00 crore.Medium- scale entrepreneur who has invested in to business above Rs 1.00 crorebut below Rs 5.00 crore.Large- scale entrepreneur who has invested in to business more then Rs 5.00 crore. Small business entrepreneurship This is defined as the small businesswhich are owned privately and operated with few employees. There is less volume pf sales in such kind of business. Scalable startup entrepreneurship Thescalablestartupentrepreneurshipconsistsofvariousstartupsstartedbynew entrepreneurs for achieving goals and targets of themselves. This includes business started by new people to achieve their passion. Large company Entrepreneurship This involves of various big firms which cooperate and collaborate to operate in business environment. They have generally more than 1000 employees. Social Entrepreneurship Social entrepreneurship means the person has started operating an organisation for social welfare of the society. These are in the form of Trusts and NGO's. Corporate Entrepreneurship These are those businesses which are started by entrepreneurs for making profits and goodwill in market. Public sector entrepreneurship The public sector entrepreneurship are those which are operated by government of the country. The main products of these businesses are fertilizers, natural gas, coal, steel, etc. P2.Explore the similarities and differences between entrepreneurial ventures. Difference-: Small scale enterpriseScalable enterprise Start ups are result of idea of an another personorbusinessandtheseare generallystolenideasofanyother business method. Scalable businesses are result of new innovations and ideas of individual. The main objective of these enterprises is to bring innovation into existing idea.
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The main objective of Start ups is to earnmoneyandfulfilthebasic demands and needs of family like food, shelter, clothing, etc. LargescaleenterpriseSocialenterprise Thelargebusinessorganisationsarethose which are started at a big scale and it consists of around more than 200 employees working in the company. The main objective of social enterprise is give contributiontowelfareofsociety.These companiesdo not work for making money rather the only want to serve poor people. Start-upsenterpriseLargescaleenterprise Start ups are defined as new launched business enterprises which are working at small level. Large scale enterprise are those in which less than 200 employees work and the main aim of large scale enterprise is to make more money and profit by providing products and services.
Similarities-: All these entrepreneurial ventures are there for earning money and profits. The main reason for existence of all these entrepreneurial ventures is to earn something that can be helpful for living their life in a proper way. All the three enterprises small, large and social enterprises are those who work for welfare of society and improvement of standards of people. All of these ventures are working for satisfying needs and demands of individuals by evaluating these needs and preferences. M1 Investigate a diverse range of entrepreneurial venture to demonstrate an understanding of entrepreneurship in both the public and corporate sector Entrepreneurship is an essential factor that is required by both sectors including public as well as corporate sector. In context of public sector a business idea will help in making work easier and providing customers a good experience. The corporate sector ensures that product or service offered to people should be perfect and business should help in achieving the goals and objectives of business. TASK 2 P3. Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy. According toCompanies act 2006 section 382 and 465 of UK a SME has a main purpose for accounting requirements. On this basis a small company is one with the turnover of less than 6.5 mil. Balance and balance sheet total do not exceed 3.26 mil GBP and up to 50 employees. A medium-sized company has average business turnover up to 25.9 million GBP. And the balance sheet total does not exceed 12.9 million, and not more then 250 employees. The definitions are given below (Recommendation 2003/361/EC adopted on 1stJanuary 2005) with the Euro values converted into Sterling at the rate applicable when this text was drafted (June 2010). CategoryHeadcountTurnoverBalancesheet total Medium<250£ 41 mill£ 35.2 mill
Small<50£ 8.2 mill£ 8.2 mill Micro<10£ 1.7 mill£ 1.7 mill https://www.ucl.ac.uk/procurement/suppliers/smes P4 Explain importance of small business and business start-ups to the growth of social economy The small business and business start-ups helps a lot in growth of social economy. There are following ways in which small businesses contribute to social economy- Employee generation– Small and medium enterprise has been contributing a lot in generating employment opportunities in the country. When people will get employment then this will help in removing poverty from the country. The small and medium enterprises help a lot in developing life standards of people as when more number of people will be employed they will have a good living standard. Poor people are able to earn money to support their families and provide them shelter, food and cloth. Standard of living– The small and micro businesses have been contributing to raise the standard for people. When people are employed in these firms then they can earn enough money to spend a healthy lifestyle and vanish their poverty. The economic level of the country is also increased and life standards of poor people also increases. M2 Evaluate the differences small, medium and large businesses make to the economy applying relevant data and statistics UK Small Businesses Statistics Business Population Estimates for the UK and Regions 2018 Summary: 2018 Initially there were 5.6 million of small businesses in UK. If compared to the previous year, the private sector business population decreased by 0.5% (-27.000 companies), while private sector employment increase by 2% (+304.000). This contraction was caused by the decrease in the number of smaller unemployed enterprises, which deceased by 1% (-50.000), but the number of larger employing enterprises increased by 2% (+23.000). The decrease in business population started in 2000. However, there where still 2.2milllion (+63%) more businesses then in 2000. Industries and Locations: Business density – number of businesses per person is higher in south of England than elsewhere in the UK. SME’s account at least 99.5% of the businesses in every
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mail industry sector. Nearly a fifth of all SME’s operate in construction sector. Compared with less than 1% in the mining, quarrying and utilities sectors. Trends in the businesses:Between 2000 and 2017, there was continues growth in the businesses each year but recently there has been a fall of 27.000 businesses (0.5%) just between 2017 and 2018. However, there were still 2.2 million (+63%) more businesses than in 2000. Most of the population growth since 2000 has been due to non-employing businesses, which accounted for 87% of the overall increase. Between 2017 and 2018, while the number of employing businesses increased by 23.000, non-employing businesses fell by 50.000 resulting in an overall decrease 27.000 businesses. The number of companies has increased in the las year (2018) by 31.000 (+2%) while the number of sole proprietorships and ordinary partnerships fell by 49.000 (-1%) and 9.000 (-2%) accordingly. Compositions in the businesses:In the 2018 there where 1.4 million employing businesses and 4.3 million non-employing businesses. Accordingly, 75% of businesses did not employ anyone aside from the owner(s). The overall business includes three main legal forms:there where3.4 million sole proprietorships(59% of the total),1.9 million companies(34% of the total), and 405.000 ordinary partnerships(7% of the total). Of the 5.7 million businesses, 45% (2.6 million) were registered for VAT or PAYE. Statistical data ONLY for those 4 types of E , for instance small E consist of 95% of UK economy (ref). This is due to ..... demand of the local community. Economy and the SME’s:Small businesses accounted up to 99.3% of all private sector in the UK at the beginning of 2018. And 99.9% were small or medium sized (SME’s) businesses. Employment in SME’s on 2018 was 16.3 million, 60% of all private sector employment in the UK. The combined annual turnover of SME’s was 2.0 trillion GBP, 52% all private sector turnover.https://www.fsb.org.uk/media-centre/small-business-statisticsFigures obtained from the Department for Business, Innovation & Skills The presented data gives us an opportunity to observe trends and tendencies how SME’s participates in the United Kingdom’s economy. It gives us good image of the country. Such a huge impact it makes in terms of employment and taxation, and wellbeing, and development of the citizens themselves.
TASK 3 P5 Determine the characteristics traits and skills of successful entrepreneur that differentiate them from other business managers. A successful entrepreneur is one who is involved in managing andthe available funds in an effective manner so there is no loss to the business while operating. It is important for entrepreneurs to satisfy needs and demands of the customers so that business will make more profits in market. There are different activities involved in the successful running of business ventures like effective decision making, motivating employees, risk management, come with innovative approach, etc. There arefamous entrepreneurs of the world who proved that a successful business is not a big thing one just has to be passionate about providing people a new and great experience in whatever or product or service is provided to customers. Two of such entrepreneurs are described below - Mark Zuckerberg is an American technology entrepreneur and he is also a philanthropist. He is co founder of the most famous social networking website, Facebook.This famous entrepreneur followed his passion and achieve his goals and objectives in life. His business idea of starting a social networking website that will help people from around the world to know each other and stay connected. Jeff Bezos is another famous American entrepreneur and he is the founder and Chief Executive Officer of online retailing company, Amazon.at initial starting of business of Amazon, it was not so successful but continuous development and new strategies made Amazon one of the best online delivery services around the world. The key traits as well as skills observed within Mark Zuckerberg and Jeff Bezos are mention below: Mark ZuckerbergJeff Bezos Traits Innovation:Ideagivenby MarkZuckerbergwasvery innovative as everyone wants to stayconnectedwiththeir Innovation:Thecommontrait withinboththeleadersistheir creativity and innovative thinking. Experimentalist:JeffBezos
families and friends and stay connectedbutitisactually donetodaybyusingsocial networkingsiteFacebook whichwasfoundedbyMark Zuckerberg. FeedbackApproach:Mark Zuckerberg believes in taking feedbacks from users so that he may improve the website and give them whatever they need a this is the only way to increase the number of users. alwaysemphasizedon experimenting new ideas. Skills Motivator:MarkZuckerberg motivatedhisteammembers and subordinates for improving theirperformanceandmake better results.Communication: Mark Zuckerberg believes that two way communication is the mostimportantthingfor achieving success in business. Focused:Jeff Bezos is a very focusedpersonandhebelieves thatcontinuoushardworkwill always give success in future. Mindfulness:Jeff Bezos believes that is a stepping stone for success. Characteris tics Team-Player:Mark Zuckerberg is a team player and healwaysfocusesonteam work for achieving success. Problem Solving:he believes inapproachingtoevery problem and resolve it so that it willnotaffectemployees Risk-taker:Jeff Bezosisa risk taker that is why he left his job and started his own company. Leadership: Jeff Bezos is a very successful person as well as leader.
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overallworkingof organisation. The major difference between successful entrepreneurs and business managers are mention below: BasisSuccessful EntrepreneursBusiness Managers FocusAn successful entrepreneurs emphasise on generating new business ideas and implementing them in market. The focus of business managers focus ondailyactivitiesperformedin business operations. StatusEntrepreneursaretheownerofthe business association. Managersareanemployeeofthe organisation. MotivationProfitmaximisationbycarryingout activitiesineffectivemanneristhe motivationfactorforasuccessful entrepreneur. Carrying out the operations activities inthecompanysmoothlyisthe motivatingfactorforamanager within firm. P6 Aspects of entrepreneurial reflect entrepreneurial motivation and mindset Mark Zuckerberg and Jeff Bezos gotsuccess in life because they both worked hard for achieving their goals. OCEAN model is used for analysing the characteristics of an entrepreneur. This is described below - OCEAN Model The big five personality traits and five factor model are known as OCEAN Model. This model is basically for taxonomy for personality traits. This model consists of five different types of personalities which are described below-
(Source- Ocean Model, 2019) Openness: This is called as intellect or imagination. This help in estimating and measuring thelevel of creativity and desire for knowledge and experiences.JeffBezos and Mark Zuckerberg are the two entrepreneur who get high ranks in such aspect. Conscientiousness: This is related to the work management skills required in entrepreneur so that they can manage their workload allotted to them. Mark Zuckerberg and Jeff Bezos both worked hardly and they showed their work in anorganised manner. Both of these individuals wanted the samefrom their team members and subordinates. This helps in achieving the tasks assigned to them in less time. Extraversion: It is related to the vitality of entrepreneurs to get connected with other people whether they are extrovert or introvert in nature. Jeff Bezos as well as Mark Zuckerberg both are introvert in nature from their childhood as they don’t get connect with people easily. Agreeableness: It include ability of an individual person for trust on specific person in easy manner. Jeff Bezos and Mark Zuckerberg both are introvert in nature as they are ranked as highly agreeableness. Illustration1: ocean model, 2019
Neuroticism: This aspect of personality trait involves emotional stability of person in relation within anxiety or depression issue. Jeff Bezosmark Zuckerberg both got low rank in this aspect. M3 Explore and examine different lines of argument relating to entrepreneurial characteristics Therearevarious characteristicsof individualswhoarestarting abusinessventure. Sometimes there are chances that they suffer from some arguments. It is important for every individual to understand how to resolve issues related to these arguments as these are a big hurdle in achieving success in business plan. TASK 4 P7 examine using relevant examples, how background and experience can hinder or foster entrepreneurship Level of Education: This is an important part by which an individual’s capabilities are analysed for developing and growth of the organisation In the context of Jeff Bezos, he is an IT graduate. Nationality: There is an important role of nation and culture in establishing the thinking and mindset of an individual. Mark Zuckerberg supported activities of the area where helived. He utilised resources that are available to him effectively. Thesefactorsareplayinganimportantroleforestablishingstyleandbehaviourof individuals. These helps entrepreneurs in becoming successful in life. M4 Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs .There is link between entrepreneurial characteristics and the influence fo personal background and experience to entrepreneur. The biggest example of this is Mark Zuckerberg who has created Facebook when he was just in university which showcases their skills and abilities and Jeff Bezos, was an individual working in a reputed company but he left his job for creating his own business Amazon. Entrepreneurs are affected by their experience and background in a positive as well as negative manner. The behaviour of a person becomes as background of his life and family.
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CONCLUSION From the above report it can be concluded that there are various entrepreneurs in the business environment. Entrepreneurs of small business ventures help a lot in developing economy of the country. Different entrepreneurs have different characteristics and skills that will help in gaining success and growth in business. Small business ventures help in developing of the country’s economic condition. If a country has to develop it is important that the council of entrepreneurship should provide funds to new business ideas. This will help in growth and development of the country.
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